RBI 46th Half-Yearly Report: India’s Foreign Exchange Reserves Dip to USD 691.11 Billion
Why it matters
The Reserve Bank of India has published its 46th Half-Yearly Report on the Management of Foreign Exchange Reserves, covering the period ending March 2026. Since February 2004, the RBI has used these reports to provide institutional transparency and detailed disclosures regarding the strategies used to manage external liquidity. The latest figures show a net reduction of USD 8.98 billion in the reserve stock over the six-month window starting October 2025.
Maintaining these reserves remains a core central bank function, ensuring that India possesses sufficient foreign currency to meet international payment obligations and manage exchange rate volatility. Despite the slight contraction from the October 2025 level of USD 700.09 billion, the current reserves provide a substantial buffer for the national economy.
| Timeline | Reserve Level (USD Billion) | Direction of Change |
|---|---|---|
| October 2025 | 700.09 | Opening Balance |
| March 2026 | 691.11 | Closing Balance |
| Net Variance | -8.98 | Decrease |
Glossary
Foreign Exchange Reserves: Assets held by a central bank in foreign currencies, gold, and special drawing rights to back liabilities and influence monetary policy.
Import Cover: A critical economic indicator measuring how many months of imports a country can afford with its current foreign exchange reserves.
NaukriSync Exam Angle
Indian Economy. Memorise the specific reserve level: USD 691.11 billion as of end-March 2026. These reports follow a bi-annual schedule that began in February 2004. Expect questions regarding the current trend of reserves (a decrease in this specific period) or the institutional history of RBI’s transparency measures.